In a significant move to bolster its presence in the institutional crypto space, MoonPay has acquired Israeli security firm Sodot for approximately $100 million in an all-stock deal. This acquisition is a crucial step in the launch of MoonPay Institutional, a dedicated unit designed to cater to the needs of large financial institutions seeking to engage with cryptocurrencies. According to sources, the new unit will provide a comprehensive suite of tools, including trading, tokenized securities, payment solutions, wallet management, and stablecoin issuance, with Sodot's technology serving as the foundational key management layer.
Caroline D. Pham, who recently joined MoonPay as chief legal officer and chief administrative officer after her tenure as acting chair of the Commodity Futures Trading Commission, will lead MoonPay Institutional. Sodot's innovative self-hosted multi-party computation infrastructure is particularly suited for institutions requiring precise control over asset movement, transfer approvals, and automated transaction handling.
Known for facilitating crypto purchases and sales through various payment methods, MoonPay has been expanding its enterprise infrastructure through strategic acquisitions, including stablecoin platform Iron and crypto checkout firm Helio. With a global customer base of nearly 30 million and infrastructure support for 500 firms in the decentralized economy, MoonPay's acquisition of Sodot underscores its commitment to strengthening its position in the institutional crypto market.